On January 1st of 2019, the biggest shake-up in the Irish PAYE system since 1960 will come into effect, known as PAYE Modernisation, it means that employers will have to calculate and report the pay and deductions of all their staff in real time.
The logic behind PAYE Modernisation is that by reporting deductions and payments as they’re being made, it will make it easier to ensure that the correct amounts of Income Tax, USC, PRSI, and LPT are all paid exactly when they are due, meaning that over-payment or underpayment of taxes will become a thing of the past.
In the run-up to PAYE Modernisation, all employers and payroll bureaus need to review and amend their current practices, giving themselves enough time to have new systems in place by January 1st next.
In this PAYE Modernisation webinar recording Revenue & Pimbrook covered the following key areas:
By watching this video recording we hope that you’ll be more prepared in the short-term and this will eventually lead to a reduction in the admin burden on you as an employer and enable you to fulfill PAYE obligations with confidence.
*All information was accurate at time of recording on April 25th, 2018